Question 1038400: You invest $20,000 in two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $1550, how much was invested at each rate? I can not figure out how to write this as an algebraic expression
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! You invest $20,000 in two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $1550, how much was invested at each rate? I can not figure out how to write this as an algebraic expression
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Quantity:: s + n = 20,000
Interest:: 7s + 9n = 155000
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Modify for elimination::
7s + 7n = 140000
7s + 9n = 155000
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Subtract and solve for "n"::
2n = 15000
n = $7,500.00 (amt. invested at 9%)
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s = 20,000 - 7500 = $12,500.00 (amt. invested at 7%)
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Cheers,
Stan H.
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